CHICAGO — Benjamin L. Kadish of Maverick Commercial Mortgage has announced the closing of the financings for a manufactured housing community in Muskogee.
Riverside Asso MHC, 4400 Gibson St., in Muskogee consists of 139 pads. Amenities include a playground and large office with a community room. The borrowers plan to purchase 21 new houses.
The portfolio financing featured two structures, an acquisition loan and a home loan. The acquisition loans have an advance rate 70% of project cost. It funded the purchase of the MHC’s, provided capital improvements dollars and paid for closing costs. The acquisition loans have a three-year term and amortizes over a 30-year period. The home loan has an advance rate of 85% of project cost. It funded the acquisition of new manufactured homes and paid for closing costs. The home loan has a term of three-years and amortizes over a 15-year period.
The borrower, American Dream Communities (ADC) is actively acquiring and operating manufactured home communities in multiple states across America. The portfolio is comprised of both value-add and stabilized communities.
The turn-around plan includes pad and site improvements to accommodate infilling the new manufactured homes.